On May 1, 2020, Tamarisk Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $893 in advance on May 15, 2020. Kickapoo pays Tamarisk on May 15, 2020, and Tamarisk delivers the mower (with cost of $566) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2020 enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount (c) Prepare the journal entry on May 31, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2020 enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount (To record sales) enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount (To record cost of goods sold)

On May 1, 2020, Tamarisk Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $893 in advance on May 15, 2020. Kickapoo pays Tamarisk on May 15, 2020, and Tamarisk delivers the mower (with cost of $566) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2020 enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount (c) Prepare the journal entry on May 31, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2020 enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount (To record sales) enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount (To record cost of goods sold)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 19E: Rix Company sells home appliances and provides installation and service for its customers. On April...

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Date	Account Titles and Explanation	Debit	Credit
May 1, 2020	enter an account title to record the transaction on May 1, 2017	enter a debit amount	enter a credit amount
	enter an account title to record the transaction on May 1, 2017	enter a debit amount	enter a credit amount

(b) Prepare the journal entry on May 15, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 15, 2020	enter an account title to record the transaction on May 15, 2017	enter a debit amount	enter a credit amount
	enter an account title to record the transaction on May 15, 2017	enter a debit amount	enter a credit amount

(c) Prepare the journal entry on May 31, 2020, for Tamarisk. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 31, 2020	enter an account title to record sales on May 31, 2017	enter a debit amount	enter a credit amount
	enter an account title to record sales on May 31, 2017	enter a debit amount	enter a credit amount
	(To record sales)
	enter an account title to record cost of goods sold on May 31, 2017	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold on May 31, 2017	enter a debit amount	enter a credit amount
	(To record cost of goods sold)

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